When a certain product is being introduced by a company to the market, simply putting the word out that the product is good may not be enough. If a whole population hears an advertisement without a clear target or without a specific purpose, it would sound generic and insincere. Having no clear target in mind also incurs additional expenses, because inefficient portions of the market would have to be given attention and resources, which may not be profitable for the company. This is why a target market, formed by a carefully selected buyer persona, should be established in order to solve the usual problems in marketing easier.
What is a Buyer Persona?
In marketing, there is a certain term called market segmentation, which means the market should be divided into segments in order to determine which portions of such a market would be more likely to avail of the company’s products and services. Each market segment is formed by studying customer demographics such as age, gender, income levels, and daily habits. These data would be compiled into one profile which would form the market segments. The profiled data on customers is called the buyer persona. It is a target customer description profile which is determined by a company by studying several categories of data. It can be thought of as a personal data file of the whole target market of a certain product.
How is a Buyer Persona Helpful?
A high-end fashion company may have identified teenage to middle-aged women with high family income levels as its target market. The description of the target market is the very essence of the buyer persona. Once this is established, it becomes easier to reach these customers because their behavior can be predicted at their common denominators. The medium of advertisements to potential customers can be selected easily because identifying the habits of women may be more efficient than trying to reach every person in the population. The buyer persona helps in determining the optimal decisions to be made in order to create efficient marketing tactics.
If a product team does not identify a proper buyer persona, they would have to comb the whole population for people who might buy their products. If a feminine product was being sold, without a buyer persona, a marketing team might wrongly place advertisements on male gyms, which would persuade fewer people, if not nobody. If this happens, the advertisements placed on the wrong media would be considered unnecessary expenses on the part of the marketing team. As such, being able to determine the market’s need for one’s product is a must. Being able to identify the company’s buyer persona would help in determining the efficient points of advertisement which would translate to higher revenues at the least level of expenses for marketing.
A company is often compelled to have an identity in order to be remembered by the masses. As a singular entity tackling a whole population, they must also give identity to their consumers. This way, they would be able to identify the needs and the possible improvements in the market in which they are operating.